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The remodeling market is slowing down a bit, but it is not stopping, according to the latest National Association of Home Builders (NAHB) Remodeling Market Index (RMI).
The first-quarter 2016 RMI posted a reading of 54, down four points from the previous quarter but still in the positive data territory of above 50. Among the RMI’s components, the current market conditions index took a one point drop to 55, while the major additions and alterations index rose to 55 from 54 and the smaller remodeling projects component and the home maintenance and repair component each decreased two points to 54 and 56, respectively.
“Remodelers were solidly booked for jobs in the first quarter of 2016, but calls and appointments for work slowed down in comparison to the end of 2015,” said 2016 NAHB Remodelers Chairman Tim Shigley, a remodeler from Wichita, Kan. “Volatility in the financial markets during the first quarter may have impacted consumers’ readiness to commit to projects.”